In a significant development for the cryptocurrency market, the bankrupt FTX estate has transferred $31.17 million worth of Solana (SOL) to BitGo, a leading digital asset custody provider. This move marks a pivotal shift in how FTX's remaining assets are being managed as part of its ongoing liquidation efforts to repay creditors.
The transfer, reported on July 12, 2025, is part of a broader strategy by the FTX estate to secure and potentially liquidate assets. With BitGo's involvement, this transaction highlights a growing trend toward enhanced custody solutions in the crypto space, ensuring safer storage and management of digital assets during turbulent times.
This latest transfer follows a series of asset movements by FTX, including the unstaking of millions in Solana tokens. Analysts suggest that such actions could impact SOL's market price, especially during a bullish crypto market phase, raising concerns about potential sell-off pressure.
FTX's estate reportedly holds a staggering 5.07 million SOL tokens, valued at approximately $837 million at current prices. This massive holding underscores the scale of assets still under management and the potential influence on Solana's market dynamics as liquidation continues.
Creditors and market watchers are closely monitoring these developments, with some expressing frustration over the timing and transparency of these transfers. The involvement of Chinese creditor claims has added further pressure on the estate to expedite asset recovery and distribution.
As the FTX saga unfolds, the crypto community remains on edge about how these asset transfers will shape the future of Solana and the broader market. The partnership with BitGo could set a precedent for secure asset handling in bankruptcy cases, potentially influencing other distressed crypto entities.
Andrew Lee
